NewsExpress banner Firstbank Verve banner Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

FG releases Economic Recovery Plan

By News Express on 07/03/2017

Gmail icon

Views: 1,435

•Senator Udo Udoma.
•Senator Udo Udoma.

The Economic Recovery and Growth Plan (ERGP), which unveils a road map for Nigeria’s economic recovery, growth and sustainable development, was released in Abuja on Monday. It is available on both the Ministry of Budget and National Planning website (www.nationalplanning.gov.ng) and that of the Budget Office (www.budgetoffice.gov.ng).

A statement signed by Akpandem James, Media Adviser to Minister of Budget and National Planning, Senator Udoma Udo Udoma, said: “The development of the plan went through a rigorous process including wide consultation and robust engagements with stakeholders from a range of relevant fields including economic experts from the public and private sectors, in academia, the Organised Private Sector, Civil Society groups, Organised Labour, sub-regional governments, International Development Partners (including the World Bank, International Monetary Fund and African Development Bank), the National Economic Council (NEC) and the National Assembly. The Plan has been approved by the Federal Executive Council.

“The core vision of the Plan is one of sustained inclusive growth. There is an urgent need as a nation to drive structural economic transformation with an emphasis on improving both public and private sector efficiency. The aim is to increase national productivity and achieve sustainable diversification of production, to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security.

“The Plan envisages that by 2020, Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy.
Overall, the Plan is expected to deliver on 5 key broad outcomes, namely: a stable macroeconomic environment, agricultural transformation and food security, sufficiency in energy (power and petroleum products), improved transportation infrastructure and industrialisation focusing on small and medium scale enterprises.

“Realising that the country’s economy would remain on a path of decline if nothing was immediately done to change the trajectory, the present administration, when it assumed office, embarked on strategic moves to halt the trend and redirect the course of the country’s economy and growth process.

“The process started with the development of the Strategic Implementation Plan (SIP) for the 2016 Budget of Change as a short-term intervention. The ERGP, a Medium Term Plan for 2017 – 2020, builds on the SIP and has been developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people.

“The Plan seeks to eliminate the bottlenecks that impede innovations and market based solutions, recognises the need to leverage Science, Technology and Innovation (STI) to build a knowledge-based economy, and is consistent with the aspirations of the U.N.’s Sustainable Development Goals (SDGs).

“The ERGP differs in several ways from previous strategies and plans as it:

*is anchored on focused implementation which is at the core of the delivery strategy over the next four years;

*outlines bold initiatives such as ramping up oil production to 2.5mbpd by 2020, privatising selected public enterprises/assets, and revamping local refineries to reduce petroleum product imports by 60 percent by 2018;

*builds on existing sectoral plans such as the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master-plan;

*signals a changing relationship between the public and private sector based on close partnership.

*utilises the value of the merger of budget and planning functions into one Ministry to create a better and stronger link between annual budgets and the ERGP; and

*provides for strong coordination with the states to ensure that the federal and sub-regional governments work towards the same goals.

“The thinking behind the development of the Plan was driven by several fundamental principles, including a focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion as well as allowing markets to function.

“The Plan has three broad strategic objectives which are expected to help achieve the vision of inclusive growth: restoring growth, investing in the people, and building a globally competitive economy.

“The ERGP focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.

“The delivery mechanism has been identified as a major determining factor in the successful implementation of the Plan. The implementation strategy therefore focuses on prioritising the identified strategies, establishing a clear system of accountability for well-defined assignment of responsibilities, setting targets and developing detailed action plans, allocating resources to prioritised interventions, creating an enabling policy and regulatory environment, developing an effective monitoring and evaluation system to track progress, and using effective communication strategies.

“The ceremonial presentation of the Plan will take place after His Excellency, President Mohammadu Buhari, returns from vacation.”

Source News Express

Posted 07/03/2017 10:06:26 PM

 

 

CLASSIFIED ADS

 

You may also like...
Ukah enjoins youths not to abandon their roots,...

Court orders Akingbola to pay Access Bank N212bn...

West African leaders set to take ‘major decision’...

Breaking: Abducted Anambra ex-Commissioner killed by his kidnappers...

Buhari to inaugurate National Food Security Council

Ortom directs immediate disbursement of Paris Club refund...

Buhari, Atiku, others in fight to finish, as...

NiMET predicts clouds, thunderstorms for today

Senate in rowdy session over claims and counter-claims...

Anambra government revenue agent in police net for...

Tension over fresh killings by herdsmen in South...

We need strong institutions to protect victims of...

 

Latest News Nigerian ‘priest’ arrested in India for cloning cards Why 7 APC governors are battling to remove Oshiomhole Court orders arrest, imprisonment of businessman for hijacking exhibits Nigerian students detained in Bosnia to return home soon, says FG THE SUN kicks as EFCC moves to take over property Akwa Ibom Senatorial rerun: Why INEC must not allow APC to replace Akpabio with another candidate — Group 3 fake soldiers, 4 suspected cultists nabbed in Anambra Intersociety hails court order on IPOB lawyer Ifeanyi Ejiofor •Tasks AGF on Sowore Kwara committed to inclusive growth, education development — AbdulRazaq Buhari losing corruption war — Bugaje Sharia Law: Nigeria needs restructuring, not constitution amendment, Ohanaeze replies CJN Pastor arrested for allegedly impregnating 16-year-old student

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (572,706 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (456,992 views) Shameless Genevieve Nnaji exposes breasts in public (407,003 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (341,773 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (308,233 views) 10 cars more expensive than Jets (292,844 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (261,536 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (260,774 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (242,200 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (228,638 views) Lagos plane crash: Journalist releases victims’ names (204,298 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,624 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (112) Business & Economy (4,624) Business Verdict (89) Columnists (1,158) Complaints & Requests (98) Enterprise & Opportunities (221) Entertainment (719) Features (855) Global Business Monitor (499) ICT Monitor (73) International (4,325) Interview (220) Live Commentary (30) Love Matters (178) Maggie's Blog (520) News (55,278) Opinion (1,441) Pidgin (18) Politics (11,894) Religion (1,133) Sports (2,256) Stock Watch (41) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera